Columbus, Ohio, October 1, 2010 — Gov. Ted Strickland signed an executive order implementing the elimination of Ohio’s tangible personal property tax and real property tax for advanced and renewable energy project facilities, making it easier for energy companies to do business and create jobs in Ohio.
“As Ohio residents and businesses are fighting hard to recover from the crippling Wall Street recession, we must give promising companies every reason to develop and invest in Ohio as quickly as possible,” Strickland said. “I signed this order to implement these rules and help spur business investment immediately. This tax reform is part of our economic development strategy to strengthen Ohio’s business climate and help create jobs for Ohioans in our growing industries like advanced energy.”
Strickland announced in his State of the State address this year his plan to eliminate these taxes for energy projects in order to make Ohio more competitive by lessening the tax burden for energy companies looking to locate and grow in Ohio and spur job creation.
The law exempts qualified energy facilities from tangible personal property and real property taxes, and, instead, levies drastically lower service payments based on the project’s energy production levels and their commitment to Ohio jobs.